{"product_id":"islamic-commercial-law-isbn-9781118504031","title":"Islamic Commercial Law","description":"\u003cb\u003eA concise study of the practices in Islamic commercial law\u003c\/b\u003e \u003cp\u003eFilling a gap in the current literature, \u003ci\u003eIslamic Commercial Law\u003c\/i\u003e is the only book available that combines the theory and practice of Islamic commercial law in an English-language text. From the experts at the International Islamic University Malaysia, the book examines the source materials in the Qur'an and Hadith, and highlights the views and positions of leading schools of Islamic law, without burying the reader in juristic minutia. It combines theory with practice to address the needs of students while providing a pragmatic treatment of Islamic contracts. It provides diagrams for individual contracts to reveal the type and nature of the contractual relationships between parties and discusses all types of fundamental transactions, including sales, loans, debt transfers, partnerships, and more.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eWritten by experts from the International Islamic University Malaysia, the leading organisation in research in Islamic finance\u003c\/li\u003e \u003cli\u003eCloses a vital gap in the English-language literature on Islamic commercial law\u003c\/li\u003e \u003cli\u003eFeatures end-of-chapter questions to enable self-testing and provoke critical thinking\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eAn ideal guide for current students, researchers, and practitioners, \u003ci\u003eIslamic Commercial Law\u003c\/i\u003e offers a concise yet comprehensive coverage of the subject.\u003c\/p\u003e \u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003eList of Abbreviations xiii\u003c\/p\u003e \u003cp\u003eAcknowledgments xv\u003c\/p\u003e \u003cp\u003eIntroduction: An Overview of Prohibited Elements 1\u003c\/p\u003e \u003cp\u003eUsury (Riba) 2\u003c\/p\u003e \u003cp\u003eAmbiguities in a Contract (Gharar) 3\u003c\/p\u003e \u003cp\u003eGambling (Maysir) 4\u003c\/p\u003e \u003cp\u003eProhibited (Haram) Properties 5\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 The Contract of Sale (Bay’) 7\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 8\u003c\/p\u003e \u003cp\u003eThe Pillars of a Sale Contract 9\u003c\/p\u003e \u003cp\u003eProhibited Sales and Practices 14\u003c\/p\u003e \u003cp\u003eContentious Sales 19\u003c\/p\u003e \u003cp\u003eChapter Questions 29\u003c\/p\u003e \u003cp\u003eNotes 30\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Types and Classifications of Sales 33\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 34\u003c\/p\u003e \u003cp\u003eTrust Sales (Buyu’ al-amanah) 35\u003c\/p\u003e \u003cp\u003eDeferred Payment Sale (Bay’ Bi-thaman Aajil) 36\u003c\/p\u003e \u003cp\u003eIslamic Banks and a Sale Contract 37\u003c\/p\u003e \u003cp\u003eFuture Commodity Sale (Bay’ al-Salam) 39\u003c\/p\u003e \u003cp\u003eManufacturing Sale (Bay’al-Istisna’) 43\u003c\/p\u003e \u003cp\u003eCurrency Exchange (Bay’ al-Sarf) 47\u003c\/p\u003e \u003cp\u003eChapter Questions 49\u003c\/p\u003e \u003cp\u003eNotes 50\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 The Contracts of Employment and Lease (Ijarah), Borrowing (I’arah), and Reward (Ja’alah) 51\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 52\u003c\/p\u003e \u003cp\u003eThe Pillars of the Ijarah Contract 53\u003c\/p\u003e \u003cp\u003eThe Contract of Borrowing Things (al-I’arah) 60\u003c\/p\u003e \u003cp\u003eThe Contract of Reward for Service (al-Ja’alah) 61\u003c\/p\u003e \u003cp\u003eChapter Questions 64\u003c\/p\u003e \u003cp\u003eNotes 65\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 The Contract of Agency (Wakalah) 67\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 68\u003c\/p\u003e \u003cp\u003eThe Pillars of an Agency (Wakalah) Contract 69\u003c\/p\u003e \u003cp\u003eThe Types of Agency 70\u003c\/p\u003e \u003cp\u003eAgency in Sale 71\u003c\/p\u003e \u003cp\u003eAgency in Purchase 73\u003c\/p\u003e \u003cp\u003eThe Effects and the Rights and Liabilities of the Contracting Parties 74\u003c\/p\u003e \u003cp\u003eAn Agent Appointing Another Agent 75\u003c\/p\u003e \u003cp\u003eUnauthorised Agency (al-Fadhalah) 76\u003c\/p\u003e \u003cp\u003eTermination of an Agency 76\u003c\/p\u003e \u003cp\u003eChapter Questions 77\u003c\/p\u003e \u003cp\u003eNotes 78\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 The Contract of Loan (al-Qard) 79\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 80\u003c\/p\u003e \u003cp\u003eLoan (Qard), Debt (Dayn), and Borrowing Things (I’arah) 81\u003c\/p\u003e \u003cp\u003eA Loan That Provides Conditional Benefit to the Lender 82\u003c\/p\u003e \u003cp\u003eWaiting or Giving Time to a Borrower Is a Commendable Act 84\u003c\/p\u003e \u003cp\u003eChapter Questions 84\u003c\/p\u003e \u003cp\u003eNotes 86\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 The Contract of Safekeeping (al-Wadi’ah) 87\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 88\u003c\/p\u003e \u003cp\u003eThe Pillars of Wadi’ah Contracts 89\u003c\/p\u003e \u003cp\u003eRelationship Between the Parties 89\u003c\/p\u003e \u003cp\u003eWhen Is the Depository Held Liable? 90\u003c\/p\u003e \u003cp\u003eUsing Deposited Money for Investment 91\u003cbr\u003e\u003cbr\u003e Wadi’ah and Islamic Banks 92\u003c\/p\u003e \u003cp\u003eTermination of Wadi’ah 92\u003c\/p\u003e \u003cp\u003eThe Differences Between the Contracts of Wadi’ah and Qard 93\u003c\/p\u003e \u003cp\u003eChapter Questions 93\u003c\/p\u003e \u003cp\u003eNotes 94\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Partnership (al-Sharikat) 95\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 96\u003c\/p\u003e \u003cp\u003eDivision of al-Sharikat 96\u003c\/p\u003e \u003cp\u003eCapital Partnerships (Sharikat al-Amwal) 98\u003c\/p\u003e \u003cp\u003eManagement of Partnership (Sharikat al-’Inan) 101\u003c\/p\u003e \u003cp\u003ePartnership of Services (Sharikat al-a’mal) 101\u003c\/p\u003e \u003cp\u003ePartnership of Reputation or Creditworthiness (Sharikat al-Wujuh) 102\u003c\/p\u003e \u003cp\u003ePartnership (Sharikat al-’Inan\/Musharakah) and Islamic Banks 104\u003c\/p\u003e \u003cp\u003eDissolution of Partnership 106\u003c\/p\u003e \u003cp\u003eChapter Questions 107\u003c\/p\u003e \u003cp\u003eNotes 109\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Silent Partnership (Mudarabah\/Qirad) 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 112\u003c\/p\u003e \u003cp\u003ePillars of Mudarabah Contract 113\u003c\/p\u003e \u003cp\u003eThe Status of Sahib al-mal and Mudarib 114\u003c\/p\u003e \u003cp\u003eDistribution of Profit and Treatment of Losses 114\u003c\/p\u003e \u003cp\u003eTypes of Mudarabah 115\u003c\/p\u003e \u003cp\u003ePersonal Expenses of the Mudarib 116\u003c\/p\u003e \u003cp\u003eWhat the Mudarib Cannot Do 117\u003c\/p\u003e \u003cp\u003eVoid Mudarabah 117\u003c\/p\u003e \u003cp\u003eTermination of Mudarabah 118\u003c\/p\u003e \u003cp\u003eThe Differences Between Musharakah and Mudarabah 119\u003c\/p\u003e \u003cp\u003eChapter Questions 119\u003c\/p\u003e \u003cp\u003eNotes 121\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Pledge, Mortgage, or Pawn (al-Rahn) 123\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 124\u003c\/p\u003e \u003cp\u003eThe Pillars of Pledge (Rahn) 125\u003c\/p\u003e \u003cp\u003eThe Use of the Pledge by the Pledgee 126\u003c\/p\u003e \u003cp\u003eForfeiture of the Pledged Property 127\u003c\/p\u003e \u003cp\u003eChapter Questions 128\u003c\/p\u003e \u003cp\u003eNotes 128\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Guarantee (al-Kafalah) 129\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 130\u003c\/p\u003e \u003cp\u003ePillars of Kafalah 131\u003c\/p\u003e \u003cp\u003eThe Effects of Kafalah 132\u003c\/p\u003e \u003cp\u003eImmediate, Conditional, and Suspended Kafalah 132\u003c\/p\u003e \u003cp\u003eTypes of Kafalah 132\u003c\/p\u003e \u003cp\u003eCharging a Fee for the Service of Guarantee 133\u003c\/p\u003e \u003cp\u003eLetter of Guarantee 134\u003c\/p\u003e \u003cp\u003eTermination of Kafalah 134\u003c\/p\u003e \u003cp\u003eChapter Questions 135\u003c\/p\u003e \u003cp\u003eNotes 136\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Transfer of Debt (al-Hawalah) 137\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 138\u003c\/p\u003e \u003cp\u003ePillars of Hawalah 140\u003c\/p\u003e \u003cp\u003eTypes of Hawalah 140\u003c\/p\u003e \u003cp\u003eTransfer of Right (Hawalat al-Haqq) 141\u003c\/p\u003e \u003cp\u003eBill of Exchange (Suftaja) 141\u003c\/p\u003e \u003cp\u003eTermination of Hawalah 142\u003c\/p\u003e \u003cp\u003eThe Differences Between Hawalah and Kafalah 142\u003c\/p\u003e \u003cp\u003eThe Difference Between Hawalah and the Sale of Debt (Bay’ al-Dayn) 143\u003c\/p\u003e \u003cp\u003eChapter Questions 143\u003c\/p\u003e \u003cp\u003eNotes 144\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 The Contracts of Absolution (al-Ibra) and Set-Off (al-Muqassah) 145\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 146\u003c\/p\u003e \u003cp\u003eThe Subject-Matter of Ibra 146\u003c\/p\u003e \u003cp\u003eThe Pillars of Ibra 147\u003c\/p\u003e \u003cp\u003eTypes of Ibra 149\u003c\/p\u003e \u003cp\u003eThe Effect of an Ibra 149\u003c\/p\u003e \u003cp\u003eThe Differences Between Absolution (Ibra) and Gift (Hibah) 150\u003c\/p\u003e \u003cp\u003eThe Contract of Set-Off (al-Muqassah) 150\u003c\/p\u003e \u003cp\u003eClassification of Muqassah 150\u003c\/p\u003e \u003cp\u003eChapter Questions 152\u003c\/p\u003e \u003cp\u003eNotes 153\u003c\/p\u003e \u003cp\u003eAnswers to True\/False Questions 155\u003c\/p\u003e \u003cp\u003eBibliography 161\u003c\/p\u003e \u003cp\u003eAbout the Author 165\u003c\/p\u003e \u003cp\u003eIndex 167\u003c\/p\u003e  \u003cstrong\u003eMuhammad Yusuf Saleem\u003c\/strong\u003e was born in Afghanistan. He obtained a Bachelor of Laws (LLB) from International Islamic University Malaysia in 1992, where he also studied his Master of Comparative Laws (MCL) and obtained a PhD in 2003. He is currently an Assistant Professor at the Faculty of Economics and Management Sciences, International Islamic University, Malaysia. He has taught a series of courses on Fiqh for Economist, Islamic Transactions (Mu'amalat), Islamic Jurisprudence (Usul al-Fiqh), Islamic banking and finance, zakat, waqf and Islamic law of inheritance (Faraidh). He has also taught Islamic Finance, and Fiqh al-mu'amalt courses for postgraduate students at the Graduate School of Management and at the IIUM Institute of Islamic Banking and Finance. Dr. Saleem contributed several articles to various local and international journals. He has participated and presented papers in international conferences in Kuala Lumpur, Dhaka, Jeddah, and Bahrain. Among his works are An Introduction to the Theoretical Foundations of Islamic Transactions, Muslim Powerlessness and the Nation-state, Methods and Methodologies in Fiqh and Islamic Economics, Mutawalli Institutions for the Management of Waqf Properties, Form v. Substance in Islamic Banking and Financial Transactions, and the Application of Ibra and Muqassah to House Financing Contracts.   \u003cp\u003e\"This book, written by a member of the new generation of competent and informed Islamic Shari'ah scholars, is one of the clearest expositions of the intricacies of Islamic commercial law. The central focus of the book is the crucial condition that the litmus test of Islamic legitimacy of any commercial contract is its organic relationship with real assets, therefore, with the real sector of the economy. It is a valuable contribution to efforts at demystifying Islamic finance; it is well worth reading.\"\u003cbr\u003e \u003cb\u003e—Abbas Mirakhor, Holder of INCEIF Chair in Islamic Finance\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"The book no doubt is a valuable addition to the Islamic commercial transaction subject as it discusses the different types of contracts in Islamic commercial law. In addition to the discussion on the fundamental and theoretical aspects of Islamic commercial contracts, the writer also explains briefly the application of those contracts in Islamic finance world today. One of the salient features of this textbook format is that the writer has provided true-or-false questions at the end of each topic as well as a short essay-type question on the type of contract discussed.\"\u003cbr\u003e \u003cb\u003e—Mohamad Akram Laldin, International Shari'ah Research Academy for Islamic Finance (ISRA)\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"Prof. Saleem's book on Islamic commercial law coherently covers all the major contracts as applied in the contemporary Islamic finance industry. The book explains lucidly some of the difficult concepts and principles governing Islamic finance transactions. The learning outcomes at the beginning of each chapter serve as a useful guide for students, while the questions at the end of each chapter assist the students in their comprehension of the subject matter. This book is highly recommended for beginners in Islamic finance.\"\u003cbr\u003e \u003cb\u003e—Rafe Haneef, CEO, HSBC Amanah Malaysia Bhd\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"Shari'ah compliance in commercial, business, and banking activities is necessary for Muslims. This necessitates a demand for a book that would introduce all the essential contracts associated with Islamic commerce, banking, and finance. \u003ci\u003eIslamic Commercial Law\u003c\/i\u003e by Dr. Saleem has combined the theory with the practice and is a timely and welcome addition to the existing literature in English. The book is part of the rich teaching experience at the Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia. The beneficiaries will be university students and practitioners in Islamic financial institutions.\"\u003cbr\u003e \u003cb\u003e—Khaliq Ahmad, Dean, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"The emergence of Islamic banking and finance has refocused attention on Islamic transactions and commercial laws. \u003ci\u003eIslamic Commercial Law\u003c\/i\u003e is a timely and welcome addition to the growing literature on the subject. It is the first book in English to introduce all the essential contracts on Islamic commerce and finance in one volume. The author also incorporates diagrams, examples, and questions that offer a better understanding of the various commercial and financial transactions. This makes the book an important text and essential reading for the undergraduate and postgraduate students and for all those who work in Islamic financial institutions. I congratulate Dr. Saleem for providing students and practitioners with a useful resource that combines the theory with the practice.\"\u003cbr\u003e \u003cb\u003e—Moha Asri Abdullah, Head, Department of Economics, International Islamic University Malaysia\u003c\/b\u003e\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989481701605,"sku":"NP9781118504031","price":88.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118504031.jpg?v=1761784278","url":"https:\/\/k12savings.com\/products\/islamic-commercial-law-isbn-9781118504031","provider":"K12savings","version":"1.0","type":"link"}